formula with ALL details , not just the answer. thanks !

BYDD CO. common stock sells for $32 per share it expects to earn 54 per share during the current year, its expected dividend payout ratio is 60% and its expected constant dividend growth rate is 6.05 New stock can be sold to the public at the current price but a flotation cost of 5% would be incurred. What would be the cost of equity from new common stock (Please use the formu proach to solve this